Will Ferrel's main strength has always been TALKING REALLY LOUD. The Weekend Update bit where he was physically unable to control his speaking volume, the Harry Carey skits, and the bit on Norm MacDonald's CD about the first men to have gay sex are all pretty fun. Everything else not so much (the cheerleader skits were a huge warning sign, dammit).
Also, I really liked Vince Vaughn's schtick in Wedding Crashers. It got weaker as it went along (opening > beach house > third act), but I enjoyed it. It's kind of hard to argue either way cause it's just schtick, but I liked Caddyshack and Stripes, and those were pretty much the same.
PS Remember the Ben Stiller Show? Janeane Garofalo, David Cross, Bob Oedenkirk, and Andy Dick. I've been associating him with that 90's alt-comedy movement, and only mentally re-filed him under Frat Pack like a month ago.